865 Real Estate

East Tennessee Real Estate & Neighborhood Source

Knoxville one of Top 10 Metros with Highest Home Price Increases

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The FHFA (Federal Housing Finance Agency) recently released their 2nd quarter numbers of the largest 100 metropolitan statistical areas, and Knoxville hit the top 10 list for highest home price increases since this time last year.

Per the report, homes in Knoxville are selling 7.6% higher than August 2018 and 3.3% higher than the last quarter. The city ranked No. 8 on the list.

Knoxville Top 10 Metros With Highest Home Price Increases

Have questions about how your specific home has fared? Remember real estate isn’t only local, it’s hyper-local. Meaning the price increase of your home may be completely different than one just down the block! Call/text me, Troy Stavros with CornerStone Realty Associates today at 865-205-6899 for a personalized market analysis.

How to Increase Your Home Equity Over the Next 5 Years

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How to Increase Your Equity Over the Next 5 Years | MyKCM

Many of the questions currently surrounding the real estate industry focus on home prices and where they are heading. The most recent Home Price Expectation Survey (HPES) helps target these projected answers.

Here are the results from the Q2 2019 Survey:

  • Home values will appreciate by 4.1% in 2019
  • The average annual appreciation will be 3.2% over the next 5 years
  • The cumulative appreciation will be 16.8% by 2023
  • Even experts representing the most “bearish” quartile of the survey project a cumulative appreciation of over 6.7% by 2023

What does this mean for you?

A substantial portion of family wealth comes from home equity. As the value of a family’s home in Knoxville (an asset) increases, so does their equity.

Using the projections from the HPES, here is a look at the potential equity a family could earn over the next five years if they purchased a $250,000 home in January of 2019:How to Increase Your Equity Over the Next 5 Years | MyKCM

Based on gains in home equity, their family wealth could increase by $42,000 over that five-year period.

Bottom Line

If you don’t yet own a home, now may be the time to purchase. Owning or moving up to your dream home could allow you to ride the increase in equity of a growing asset. Ready to get started? Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 today!

Home Price Expectation survey – Every quarter, Pulsenomics surveys a distinguished panel of over 100 economists, investment strategists, and housing market analysts regarding their 5-year expectations for future home prices in the United States.

The Cost of Waiting To Buy: Interest Rates Edition [INFOGRAPHIC]

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The Cost of Waiting: Interest Rates Edition [INFOGRAPHIC] | MyKCM

Some Highlights:

  • Interest rates are projected to increase steadily heading into 2020.
  • The higher your interest rate, the more money you will end up paying for your home and the higher your monthly payment will be.
  • Rates are still low right now – don’t wait until they hit 5% to start searching for your dream home!

Ready to get the process started or at least start talking about it? Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 today!

The Truth about Housing Affordability in Knoxville

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The Ultimate Truth about Housing Affordability | MyKCM

There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home in Knoxville is less affordable than it had been over the last ten years, we need to understand why and what that means.

On a monthly basis, the National Association of Realtors (NAR), produces a Housing Affordability Index. According to NAR, the index…

“…measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.”

Their methodology states:

“To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment.”

So, the higher the index, the more affordable it is to purchase a home. Here is a graph of the index going back to 1990:

The Ultimate Truth about Housing Affordability | MyKCM

It is true that the index is lower today than any year from 2009 to 2017. However, we must realize the main reason homes in Knoxville were more affordable. That period of time immediately followed a housing crash and there were large numbers of distressed properties (foreclosures and short sales). Those properties were sold at large discounts.

Today, the index is higher than any year from 1990 to 2008. Based on historic home affordability data, that means homes in Knoxville are more affordable right now than any other time besides the time following the housing crisis.

With mortgage rates remaining low and wages finally increasing, we can see that it is MORE AFFORDABLE to purchase a home in Knoxville today than it was last year!

Bottom Line

With wages increasing, price appreciation moderating, and mortgage rates remaining near all-time lows, purchasing a home in Knoxville is a great move based on historic affordability numbers.

UNDER CONTRACT! Cute & Convenient in Clinton, TN – Only $115,000!

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UNDER CONTRACT IN 1 DAY WITH MULTIPLE OFFERS! Home for sale located at 301 Edgewood Avenue, Clinton, TN 37716. Offered at $115,000! The super convenient location is walking distance to downtown Clinton. This dollhouse features three bedrooms, one bath, hardwood floors, an updated kitchen with stainless steel appliances, and a flat, fenced backyard with two storage buildings. This would be a wonderful home for a first time home buyer as it has been well maintained, has a newer HVAC, and is also eligible for 100% financing! Be sure to watch the LIVE video tour that walks you through the home. Schedule your showing today as this super cute home is sure to sell fast!

For more information or to schedule a private showing contact Troy Stavros with CornerStone Realty Associates at 865-999-0925 directly or through the office at 888-388-DOOR xt.707.

301 Edgewood Ave, Clinton, TN 37716

$128,500
Property Type: Single Family Bedrooms: 3 Square Footage: 1,058 Status: Closed
Current Price: $128,500 List Date: 5/23/2019 Last Modified: 12/21/2023

Overview

Description

The super convenient location is walking distance to downtown Clinton. This dollhouse features three bedrooms, one bath, hardwood floors, an updated kitchen with stainless steel appliances, and a flat, fenced backyard with two storage buildings. This would be a wonderful home for a first time home buyer as it has been well maintained, has a newer HVAC, and is also eligible for 100% financing! Be sure to watch the LIVE video tour that walks you through the home. Schedule your showing today as this super cute home is sure to sell fast!

Listing Details MLS# 1081232

Location Tax Legal Info

House #
301
Street Name
Edgewood
St Suffix
Ave
State/Province
TN
Zip Code
37716
PIN #
074j C 047.00

Contract Info

Auction Y/N
No
Listing Price
115000

General Property Description

Type
Ranch
Site Built
Yes
Restrictions
No
SqFt - Total (Aprox)
1058
SqFt - Main Lvl
1058
# Bedrooms
3
Baths - Full
Yes
# of Rooms
6
Fireplace
No
Property Status
N/A
HOA
No
Year Built
1943
Bonus Room
No
SqFt - Down Lvl
0
SqFt - 2nd Flr Lvl
0
SqFt - 3rd Flr Lvl
0
# Fireplace
0
Basement
No

Status Change Info

Status Change Date
2019-07-18
Under Contract Date
2019-05-24
Sold Date
2019-07-18

Sewer

Sewer Info
UTILITY

Water

Water Info
UTILITY

More Information

Location, Tax & Legal Info

Area
Anderson County - 30
Property Sub-Type
Residential
Community
Clinton
City/County Code
City Limits
Total Tax
691.69

Remarks & Misc

Directions
HWY 25 to Edgewood Avenue (beside Walgreens and across from Rusty Wallace Chevrolet) continue approximately 3/10 of a mile. Home on right. Sign in yard.
Public Remarks
The super convenient location is walking distance to downtown Clinton. This dollhouse features three bedrooms, one bath, hardwood floors, an updated kitchen with stainless steel appliances, and a flat, fenced backyard with two storage buildings. This would be a wonderful home for a first time home buyer as it has been well maintained, has a newer HVAC, and is also eligible for 100% financing! Be sure to watch the LIVE video tour that walks you through the home. Schedule your showing today as this super cute home is sure to sell fast!

Fencing

Fenced Yard
Yes
Privacy
Yes
Wood
Yes

Atchd/Dtchd Type

Detached
Yes

Style

Cottage
Yes
Traditional
Yes

Construction

Frame
Yes

Siding

Vinyl
Yes

Fireplace

None
Yes

Cooling

Ceiling Fan(s)
Yes
Central Cooling
Yes

Floors

Hardwood
Yes
Tile
Yes

Garage/Parking

Carport Spaces
1
Main Level
Yes

Basement

Crawl Space
Yes

Lot Description

Level
Yes

Fuel

Electric
Yes
Gas (Natural)
Yes

Heat

Central
Yes
Forced Air
Yes

Dining Area

Kitchen/Dining Rm Co
Yes

Appliances

Dishwasher
Yes
Disposal
Yes
Gas Stove
Yes
Microwave
Yes
Range
Yes
Self Cleaning Oven
Yes
Smoke Detector
Yes

Other Rooms

Bedroom Main Level
Yes
Extra Storage
Yes
Family Room
Yes
Laundry/Utility
Yes
Mstr Bdrm Main Level
Yes

Exterior Features

Deck
Yes
Porch - Covered
Yes
Windows - Insulated
Yes

Misc Features

Internet Available
Yes
Washer/Dryer Connect
Yes

Outbuildings

Storage Shed
Yes

New Financing

Cash
Yes
Conventional
Yes
FHA
Yes
New Loan
Yes
USDA/Rural
Yes
VA Loan
Yes

Showing

See Agent Instructns
Yes

Property Features

Style: Cottage; Traditional Construction: Frame Siding: Vinyl Basement: Crawl Space Lot Description: Level Fireplace: None Floors: Hardwood; Tile Fuel: Electric; Gas (Natural) Heat: Central; Forced Air Cooling: Ceiling Fan(s); Central Cooling Appliances: Dishwasher; Disposal; Gas Stove; Microwave; Range; Self Cleaning Oven; Smoke Detector Other Rooms: Bedroom Main Level; Extra Storage; Family Room; Laundry/Utility; Mstr Bdrm Main Level Misc Features: Internet Available; Washer/Dryer Connect Exterior Features: Deck; Porch - Covered; Windows - Insulated Fencing: Fenced Yard; Privacy; Wood Outbuildings: Storage Shed Dining Area: Kitchen/Dining Rm Co Showing: See Agent Instructns New Financing: Cash; Conventional; FHA; New Loan; USDA/Rural; VA Loan

Room Information

Room Name Room Level
Family Room Main
Kitchen Main
Eat In Breakfast Area Main
Master Bedroom Main
Bedroom 2 Main
Bedroom 3 Main
Utility Room Main
Bathroom Main
IDX
Listing Office: Doorbell Real Estate
Last Updated: December - 21 - 2023
The data relating to real estate for sale on this Web Site comes from the IDX Program of the Knoxville Area Association of REALTORS® Multiple Listing Service. © Copyright 2020 All rights reserved. IDX information is provided exclusively for consumers' personal, non-commercial use, it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the MLS. This information is updated weekly, however, some of these properties may subsequently have sold and may no longer be available. The Real Estate Broker providing this data believes it to be correct, but advises interested parties to confirm the data before relying on it in a purchase decision.
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What is Really Happening with Knoxville Home Prices?

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What is Really Happening with Home Prices? | MyKCM

Home values have softened over the last twelve months. We are no longer seeing 6-7% annual appreciation levels for the national housing market. The current numbers are closer to 4%. Some have suggested that year-over-year appreciation levels could fall to 3% or less this year.

However, a stronger-than-expected economy and a good spring housing market have changed some opinions. Some analysts are now predicting that home value appreciation may begin to increase as we move forward.

Here are three examples:

Mark Fleming, Chief Economist of First American

“Data on the movement of unadjusted house prices during the early spring home-buying season won’t be available for a few more months, but it’s quite likely that price appreciation will accelerate again.”

CoreLogic’s April “Home Price Insights”

“Home prices nationwide, including distressed sales, increased year over year by 3.7% in March 2019 compared with March 2018…The CoreLogic HPI Forecast indicates that home prices will increase by 4.8% on a year-over-year basis from March 2019 to March 2020.”

Pulsenomics’ Quarterly “Home Price Expectation Survey”

  • The 2018 4th Quarter survey called for 3.8% appreciation for 2019.
  • The 2019 1st Quarter survey raised the appreciation projection for this year to 4.3%.

Bottom Line

Price appreciation has slowed over the past year. However, a strong economy and a good housing market have many experts thinking that home values might re-accelerate moderately throughout the rest of this year. Interested in what the value is of your specific property? Contact me, Troy Stavros with CornerStone Realty Associates at 865-999-0925 and I’d be happy to do the research for you.

Want to see what is happening in your zip code in the Knoxville area? Find your zip code and the info here.